Easy Access Savings Accounts

Easy Access Cash ISAs provide tax-free interest on savings and must be opened individually. In contrast, Easy Access Savings Accounts may be subject to income tax and can be opened individually or jointly. Both provide next working day access to funds, but the tax benefits and account holder options differ.

Easy Access Savings Accounts offer flexible deposits, withdrawals with next working day access, and variable interest rates. Fixed Rate Savings Accounts provide a guaranteed interest rate for a fixed term. There are two types of Fixed Rate Savings Accounts - Fixed Rate Cash ISAs and Fixed Rate Bonds. Fixed Rate Cash ISAs do allow withdrawals before maturity but are subject to an early exit charge. With a Fixed Rate Bond, access to funds is restricted until the maturity date, making it essential to plan ahead.

Whether an Easy Access Savings Account is the best option will depend on your circumstances and savings goals. But some of the benefits include: 

• The flexibility to deposit and withdraw funds with next working day access, making it suitable for managing short-term savings or unexpected expenses.  
• Variable interest rates that allow for the potential advantage of fluctuating rates, meaning rates can increase or decrease over time. 

For Easy Access Savings Accounts, you can pay money in at any time up to the maximum account balance which is £85,000 for individual accounts and £170,000 for joint accounts.  

For Easy Access Cash ISAs, you can pay money in at any time up to the maximum account balance which is £250,000. Be sure to not exceed the Annual ISA Allowance of £20,000.

For more information, visit our pages below:

• 2024/2025 Cash ISA Allowance 
• How to make a deposit into your account

You can withdraw money from your Easy Access Savings Account for next working day access, without incurring early exit charges. However, before withdrawing money from an Easy Access Cash ISA, it is essential to consider the potential impact on your tax-free ISA allowance.  

Withdrawing money from Cash ISAs  

Once you have deposited money in an ISA, it counts towards your £20,000 Annual ISA Allowance, even if you withdraw it within the same year (unless you have a flexible ISA, which Shawbrook does not offer).  

So, if you withdraw money from an ISA, not only will the money lose it’s tax-free status, but you may also not be able to pay some or all the money back into an ISA in the same tax-year. Transferring an ISA enables you to protect the tax-free status of your savings. 
 
For more information on Cash ISAs and withdrawals visit our pages below: 

• Cash ISAs   
• 2024/2025 Cash ISA Allowance 
• Withdrawing Money from ISAs 

How to withdraw money from an Easy Access Savings Account 

The minimum withdrawal amount on our Easy Access Savings Accounts is £500 and the minimum account balance is £1,000 
 
You can request this withdrawal from your online account. 

We're in the process of upgrading the online experience for all of our customers. We'll contact you before this happens. 

If your online account has not been upgraded yet:

• log in and select Requests
• select Withdraw money and follow the steps

If your online account has been upgraded:

• log in and select Move money
• follow the steps

If we receive an online withdrawal request before 9:30pm on a working day (or a request made by phone or secure message by 2:30pm), you should receive your funds into your linked (nominated) account on the next working day.

For more information, please see our Terms and Conditions for Personal Savings Accounts.

Yes, the interest rate is variable, so it can change.

You can find out more about how interest rates can change in section 17 of our Terms and Conditions for Personal Savings Accounts, which you’ll find on our Savings documentation page.